Trade union urges MoS Meghwal to intervene in PSGIC wage revision

Wage revision for the workforce of PSGICs is due since August 1, 2017. The last round of wage revision discussion was held on August 4, 2022 wherein the then Chairman GIPSA and CMDs of GIPSA Member Companies offered a wage offer of 12% which is much below the wage increase of 16% made to LIC last year

Mumbai: A delegation of GIEAIA called on the Union Minister of Parliamentary Affairs in Bikaner on September 21 and urged him to fix the wage revision issue as it's been pending since August 1, 2017, for 50,000 PSGIC (Public-Sector General Insurance Companies) staff, at par with LIC. The Minister assured them that he will personally look into it.

Talking to Bizz Buzz, Trilok Singh, general secretary, GIEAIA, said, "A GIEAIA (General Insurance Employees All India Association) delegation under the leadership of Sunit Jhamb organising secretary of GIEAIA officers wing in Rajasthan met Arjun Ram Meghwal, Union Minister of State (MoS) for Parliamentry Affairs in Bikaner and submitted a memorandum, requesting him to intervene before Finance Minister to attain insurance sector parity at par with LIC." The Minister has assured us to intervene with the Finance Minister for improved offer at par with LIC, he added.

In the meanwhile, GIEAIA has written a letter to the Finance minister, Nirmala Sitharaman on this issue. Wage revision for the workforce of PSGICs is due since August 1, 2017. The last round of wage revision discussion was held on August 4, 2022 wherein the then Chairman GIPSA and CMDs of GIPSA Member Companies offered a wage offer of 12 per cent which is much below the wage increase of 16 per cent made to LIC last year.

GIEAIA has made various representations to the Chairman GIPSA, CMDs of respective PSGICs and also to the authorities in DFS in this matter. Historically and traditionally, wage revision in Insurance Industry (LIC and PSGICs) in India has been implemented simultaneously on similar lines. We have been requesting all above authorities to give the wage offer to the workforce of public sector general insurance companies at par with LIC only.

Insurance being an essential service, the entire workforce of GIPSA member companies have been working as corona warriors and performing well under the most difficult and testing times. This pandemic has taken toll of about 250 of our working colleagues which is a testimony that those brave hearts laid their lives in the service of insuring public and the Nation. Workforce of our companies is saddled with higher volumes and responsibilities in view of continuous reduction in total strength of officers and employees due to superannuation, death and VRS etc. and absence of commensurate recruitments over the decades. There must not be any reasons for delaying genuinely deserved wage revision at par with LIC pending for more than five years now.

The PSGI companies have always been the flag bearers of social security schemes such as Ayushman Bharat, Pradhan Mantri Fasal Bima Yojana, Corona Kawach Policy, CSR, rural and crop insurance and many more such policies. In PMSBY, on the premium of Rs12 for death cover of Rs 2 lakh is covered only in PSGI companies. The PSGI companies have been giving insurance services to the common man, farmers and the citizens at a very low premium and are serving more than 50 crores of citizens with around 50,000 employees and more than 5 lakh agents.